All Forum Posts by: Matthew Reichert

I guess... first, find out why it has no equity and if there are fixes you can make, how much they are, yada yada. Then see about raising the rent to compensate for that. If nothing else, you may be able to just break even. Or after those fixes, try and sell it; there might be a buyer with a bigger down payment (our outright cash) who's okay with the low rent so long as it covers the mortgage.

Thanks @Joaquin Camarasa, I'm not sure what househacking is, so I'll start by researching that here on BP.

Hey everyone. I'm just west of DC, in Virginia, looking at buying and renting (not necessarily BRRRR yet, I want some already rentable) to start off with. Eventually, BRRRR would be great, then I'd like to get into multi units and larger. I'm looking around the Detroit area right now and some other cities. I'm excited to be her and really want to get started.

@Kenneth Bullock That was Kris who said that :-)

@Kris L. I guess I got lucky with my warranty company then - when one of the water heaters went bad, they actually replaced BOTH of them for the same $100 charge because the second one was apparently on its way out also (hadn't broken yet though).

@Jon Dang It was over 20yrs old, unit built and installed in the mid-90s. I did have new ductwork put in up in the attic, but not the rest of the house (it was already there and in decent enough shape). Since your price is both inside and outside per unit, then that actually sounds about right and might serve you well - maybe see if the company does no-interest payments or something (I'm a military vet, so the owner said that added "trust" in his eyes and I paid his work off over several months).

That's a huge expense for A/C replacement. Is that just what it costs in your area? Is that for one MFH unit or all of them? In my last duplex, when the larger unit's heat pump and blower went to crap, I replaced both the blower and outside unit for under $5000 (and with great equipment).

That said, it may not hurt you to spend the $600 or whatever it is for the home warranty YoY, if you want a little extra peace of mind and can afford it, since you're fairly sure things are going to need replacement soon. Once you repair everything that needs it, maybe you can chop that expense off. 

I know those are kind of ramble-thoughts, hopefully they make sense to you.

@Marco Guerrero keep updating! I can't wait to hear how this all turns out.